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外文翻译 原文 Carbon Trading: A Review of the Kyoto Mechanisms Material Source: The Annual Review of Environment and Resources Author: Cameron Hepburn 1. INTRODUCTION Over the past few years, climate change economics and carbon trading have moved from the academic arena to front page headlines in mainstream newspapers. This is partly because climate change has itself moved up the political agenda, promoted by weather events such as the European heat wave in 2003, Hurricane Katrina in the United States in 2005, and the droughts, bushfires, and snow (almost simultaneously) in Australia in 2006. Not only has climate change been placed at the top of the Group of Eight (G8)nations (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States) and the European Union (EU) agendas, carbon offsetting has captured the interest of individuals and businesses who want to “do their bit” for the atmosphere. Media interest has been heightened by introduction of the pan-European Emissions Trading Scheme (EU ETS) in 2005 and the publication of the Stern Review on the Economics of Climate Change (1). 2 .CARBON TRADING AND THE KYOTO FLEXIBLE MECHANISMS 2.1Conceptual Underpinnings The three Kyoto Protocol “flexibility mechanisms” are designed to enable emission reductions to occur in the cheapest locations across the globe. The first mechanism, emissions trading, can occur between countries with binding targets, so that countries can meet domestic targets by purchasing credits from other countries that have exceeded their targets. The largest implementation of emissions trading to date has been the EU ETS. Second, the CDM is a project-based mechanism that allows credits from emission reduction projects in poorer countries to be used by rich countries to meet their own commitments under the Kyoto Protocol. Third, JI is also a project-based mechanism that enables countries with binding targets to get credit from projects carried out in